Klaus-Michael Kühne, Germany’s wealthiest individual, is poised to reap a staggering $9.3 billion in dividends thanks to a period of substantial growth and profitability across his sprawling transport empire, Bloomberg reports.
The windfall stems from the 87-year-old tycoon’s significant stakes in several major transportation companies. He holds a 53% ownership in Kuehne + Nagel International AG, the world’s leading air and sea freight-forwarding business co-founded by his grandfather. Additionally, Kühne possesses a 15% stake in Deutsche Lufthansa AG, making him the airline’s largest investor after building his position following a government bailout in 2022. He also owns a 30% share in Hapag-Lloyd AG, having increased his investment just before a pandemic-driven boom that led to record profits for container lines.
Kühne is one of a select group of European shipowners who benefited enormously from the pandemic era, as supply chain bottlenecks pushed transportation costs to unprecedented levels. Others include Gianluigi Aponte of MSC Mediterranean Shipping Co., the family behind A.P. Moller-Maersk A/S, and the Saade family, controlling CMA CGM SA. Their businesses have remained highly profitable in 2024, further boosted by recent attacks in the Red Sea that have driven up shipping rates.
Kühne’s fortune has more than doubled in the last five years, reaching $39.2 billion according to the Bloomberg Billionaires Index. He acknowledged to German newspaper FAZ in November that the amassed wealth was “almost frighteningly high.”
Since the 2021 financial year, Kühne’s total gains from Kuehne + Nagel will approach 2.7 billion Swiss francs ($3 billion), fueled by a more than two-fold increase in profit and dividends. The company recently announced a higher-than-expected payout of 8.25 francs per share.
Lufthansa announced plans to pay a dividend for the second consecutive year, resulting in a total gain of €108 million ($117 million) for Kühne for 2023 and 2024. This represents a remarkable turnaround from the airline’s near collapse at the start of the pandemic.
Kühne’s most substantial bonus has come from Hapag-Lloyd, with €5.65 billion pocketed since the 2021 financial year. This figure excludes an anticipated payout to be announced later this month with full-year earnings.
While enjoying substantial gains, Kühne has also faced setbacks, including losses related to the failed real estate tycoon Rene Benko. In a strategic shift last year, his investment vehicle, Kühne Holding, partnered with buyout firm EQT AB to acquire a stake in German bus and train operator Flix, refocusing on the transportation sector.
Kühne, who moved to Switzerland a half-century ago and married at the age of 52 with no children, established a nonprofit Swiss foundation in 1976. The foundation focuses on logistics, medicine, and climate initiatives, maintaining strong ties to Kühne Holding. Both are headquartered in the picturesque hillside hamlet of Schindellegi, overlooking Lake Zurich, alongside Kuehne + Nagel.
In the FAZ interview, Kühne stated that after his death, his assets will be transferred to the Kühne Foundation, positioning it as one of the largest philanthropic organizations in Europe. He also hinted at a potential revision of his succession plan, considering the age of his intended successor as president of the foundation.
Last year, Kühne reorganized the governance structure of Kühne Holding, appointing Dominik de Daniel as CEO, replacing Karl Gernandt, who remains chairman and serves on the supervisory boards of Kuehne + Nagel, Lufthansa, and Hapag-Lloyd, as well as the Kühne Foundation.
